Principles of Investment Stewardship Royal Gold is committed to conducting business with discipline, consistency, strategic focus, transparency and reliability, integrating these values into every aspect of our operations as reflected in our Vision, Mission and Core Values. Our conduct and efforts continue to contribute to a sustainable and responsible business approach while guiding the way forward on People, Principles and Processes. Vision, Mission and Core Values Royal Gold aspires to be the gold standard in everything we do, and we operate in alignment with the following Vision, Mission and Core Values that are shared throughout the Company. Mission To shape the future of mine finance through creativity, collaboration and a commitment to mutually beneficial outcomes for all stakeholders Vision To be the gold standard as an employer, a financing partner, an investment and a community member Core Values RESPONSIBILITY INTEGRITY PARTNERSHIP People Initiative Ethics Skills Cooperation Culture Principles Strategy Consistency Transparency Discipline Reliability Processes Enterprise Risk Management Due Diligence Portfolio Monitoring Governance Risks 1 Economic Factors and Metal Prices 2 Competition and Capital Markets 3 Technical Risks 4 Leverage and Liquidity 5 Regulatory, Political, Sustainability and Human Capital 6 Reputation and Investor Sentiment INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 18